Pembroke Pines (Fla.) Firefighters’ & Police Officers’ Pension Fund hired Franklin Templeton to run $5 million in active international growth equities.
The $615 million pension fund’s board approved the hiring at its Oct. 15 meeting, said Gregory A. McNeillie, vice chairman and principal at Dahab Associates, the pension fund’s investment consultant.
The pension fund issued an RFP in May for an active manager to diversify its portfolio, Mr. McNeillie said at the time. Dahab assisted in the search.
At the time, State Street Global Advisors was the pension fund’s sole international equity manager, running about $49 million, or 8% of the fund’s overall assets, in a passive portfolio. Funding comes from a reduction in that portfolio.
Nationwide Fund Advisors and Polen Capital Management were the other finalists.